Hi tamz. This is what I found this morning. (see report below)...

Hi tamz.

This is what I found this morning. (see report below)

It seems that having been established 7 years ago bidfin has secured about $100m in customer financing deals for technology which is about $13m p.a.

I do know however that there is going to be a massive spike in technology investments by all companies to tap into the AI boom and the benefits that will bring.

To facilitate AI companies need to upgrade their computer chips and this will be achieved by replacing current hardware with AI enabled chips. I am already playing that game through Data Three (ASX CodeTL) and the great thing about DTL is that it has low debt and pays out about 90% of EPS as a franked dividend.

Cheers......D

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Fintech provider BidFin acquired by humm

News
29 Apr 2024
Business OperationsIndustryMergers and Acquisitions

Needed to consider a “strategic transaction” to meet the growing needs of its customers.



CREDIT: ROSS SIMON (BIDFIN) / ARN

Australian-based fintech provider BidFin has been acquired by diversified non-bank financial services institution humm group.
First established in 2017 by former head of Microsoft Financing Asia Pacific Ross Simon as its CEO, BidFin's focus is on driving and enabling sales for technology suppliers with the provisioning of payment solutions. BidFin employees will be transitioning to the new ownership and will continue to operate as a stand-alone business.

Meanwhile, humm was founded in 1991 and offers business financing products, credit cards and point-of-sale finance plans, with offices in Australia, New Zealand, Ireland, Canada and the UK.
Two products BidFin has previously launched include a vendor-agnostic recurring revenue funding solution and a $0 payments for six months deferral initiative for any technology and related services spend, both of which were released in 2022.
Discussing the news on his personal LinkedIn account, Simon, who has now taken up the role of head of BidFin A/NZ, said the acquisition was due to the demand for its solutions escalating to a point where it needed to consider a "strategic transaction" to meet the growing needs of its customers.
Speaking to ARN, Simon also said that the deal is “very important because it will allow us to onboard more customers at scale and allow us to partner with more technology partners and suppliers to help enable their sales process with our flexible payment solutions”.

“Historically, we have been held back slightly by a restricted balance sheet. However, being able to operate on humm’s balance sheet has allowed us to really put the foot down on growth and meet growing demand for our solutions,” he said.
Simon added that BidFin will not be making any direct changes to its product offerings as a result of the deal.
According to humm's statement, BidFin has provided over $100 million in funding to companies and government entities to enable digital transformation, leading to the purchase of software, hardware, services and "many more technology related assets".
Financial terms of the deal haven’t been disclosed.